A landmark deal for an evolving energy landscape
The demand for electricity is intensifying, driven by data centers, AI and broad electrification. As corporations and communities seek new ways to generate enough power, AES, the largest U.S.-based global power provider, has stepped up to lead the way.
AES provides scalable solutions that help industries and communities thrive. AES’s diverse portfolio spans solar, wind, hydro, energy storage and natural gas, powering everything from regulated utilities in Indiana and Ohio to hyperscalers like Amazon and Google. Serving both public utilities and private sector clients, including some of the world’s largest technology companies, makes AES a critical partner in powering the AI revolution and supporting industries of the future.
In the first quarter of 2026, AES was taken private in a landmark transaction valued at $33.4 billion (proportional) and $46.1 billion (consolidated). J.P. Morgan served as lead financial advisor, guiding AES through a complex process that brought together a consortium of investors led by BlackRock’s Global Infrastructure Partners and EQT.
“The success of this deal comes from the foundational trust between AES and our team,” said Ian Connor, global chair of Natural Resources Investment Banking at J.P. Morgan. “The mutual belief in AES’ future led to the largest ever infrastructure take-private and the largest power transaction of all time.”
Powering AI, data centers and sustainable growth
“The AES deal is more than a milestone, it’s a signal of how the energy sector is evolving to meet the demands of the digital economy,” said Sydney Locksley, who supports power, energy and renewables banking at J.P. Morgan. “As AI and data centers fuel unprecedented growth in electricity consumption, the need for reliable, clean power has never been greater.”
Private capital is increasingly flowing into renewables and power generation, accelerating the deployment of adaptive energy infrastructure that can respond quickly to demand spikes, grid disruptions and the evolving needs of the digital economy. In the case of AES, the take-private deal provides access to new capital, allowing the company to expand its development pipeline and invest in innovative technologies. The result: a more agile, resilient company ready to meet rising energy demand and advance sustainability, energy independence and grid resiliency.
“This transaction maximizes value for our stockholders and positions AES for long-term success as we continue delivering on our commitments to customers, communities and people,” said Andrés Gluski, President and CEO of AES[2].
Partnering for energy progress
“The mutual belief in AES’ future led to the largest ever infrastructure take-private and the largest power transaction of all time.”
Ian Connor
Global chair of Natural Resources Investment Banking at J.P. Morgan
J.P. Morgan’s role in the AES transaction reflects the firm’s commitment to helping clients navigate complexity and seize opportunities in a rapidly-changing energy landscape. Acting as lead financial advisor, J.P. Morgan assembled a multidisciplinary team spanning power, renewables and utility investment banking, LATAM investment banking, M&A, capital markets, and ratings advisory.
The firm’s deep relationship with AES, built over years of collaboration, enabled J.P. Morgan to provide measured, objective guidance throughout the ten-month sale process. The team managed challenges ranging from leaks and market volatility to the intricacies of maintaining AES’s investment-grade rating and raising one of the largest equity checks ever written in the sector.
Energy security and resiliency
J.P. Morgan’s leadership in this record-setting transaction underscores its ability to deliver innovative solutions, facilitate access to capital and support the growth of companies critical to national economic security and resiliency.
“Our work with AES aligns with our commitment to the future of renewable energy and companies adding significant capacity to the grid,” said Zachary Gross, managing director for Renewables and Clean Tech at J.P. Morgan. “It’s part of the larger plan for the firm to bolster businesses in industries that are vital for long-term resiliency.”
This plan, the firm’s Security and Resiliency Initiative, is a $1.5 trillion, 10-year initiative to facilitate, finance and invest in industries critical to economic security and resiliency. This includes a focus on energy independence and resilience, including subindustries across nuclear, solar, wind, geothermal and battery storage systems.
As the world’s energy landscape continues to evolve, J.P. Morgan remains a trusted partner, helping clients like AES power the industries of tomorrow and build a more sustainable, resilient future.
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